During his speech, Obama said Jordan was "more than just the best player on the two greatest teams of all time, the 'Dream Team' and the 1996 Chicago Bulls."

"He's more than just a logo, more than just an internet meme," Obama continued, drawing laughter from the crowd with the reference to not just Jordan's Nike brand, but the "Crying Jordan" meme that has become ubiquitous on social media.

Pres. Obama honors a tearful Michael Jordan: "MJ is more than just a logo. He's more than just an internet meme" pic.twitter.com/ayk3qxmBA2

Other members from the sports community honored by the president on Tuesday were legendary Dodgers announcer Vin Scully and Basketball Hall of Famer Kareem Abdul-Jabbar.

Jordan spent 13 of his 15 NBA seasons with Obama's beloved Bulls before finishing his career in 2003 after two seasons with the Washington Wizards. He took time off in 1993 to try his hand at baseball, but returned to the NBA in March 1995 and led the Bulls to a fourth NBA championship a year later.

The No. 3 overall pick of the 1984 NBA Draft was a 14-time All-Star and led the NBA in scoring 10 times. He also led the U.S. to Olympic gold in 1984 and as part of the 1992 "Dream Team."

The current owner of the NBA's Charlotte Hornets, Jordan became the first billionaire NBA player in history and is the world's second-richest African-American.

Never afraid to show emotion, Jordan famously cried on the court after winning the 1996 NBA Finals, his first title since the murder of his father in 1993. He also cried during his speech at his 2009 induction into the Basketball Hall of Fame. The image of him crying became the source of the "Crying Jordan" meme. Jordan was also in tears Tuesday at the White House, which means a brand new "Crying Jordan" meme could be in the works.